The Children’s Place Widens 4Q Profit, Authorizes New Buyback Program

Shares of The Children’s Place (NASDAQ:PLCE) ticked 6% higher Wednesday after the retailer revealed a stronger-than-expected fourth-quarter profit, and announced another $100 million stock buyback program.

The Secaucus, N.J.-based company posted income from continuing operations of $32.7 million, or $1.24 a share, compared with $34.2 million, or $1.23 a share, in the same quarter last year.

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Excluding special items, the company earned $1.22 a share, widely ahead of average analyst estimates polled by Thomson Reuters of $1.01.

Revenue for the operator of children’s specialty apparel retail stores was $453.2 million, down 2.1% from $462.8 million, in the same quarter last year, missing the Street’s view of $468.54 million.

The results were hurt by a 5.9% decrease in comparable retail sales, which includes online orders. Sales at those stores open at least a year slipped 9% in the U.S., 6.2% in Canada, and 31.7% online.

Elfers went on to note that the company made “significant progress” during the year, repurchasing 1.9 million of its shares. Children’s Place announced on Wednesday a new authorization for another $100 million in stock.

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Looking ahead, the company sees fiscal 2011 earnings in the range of $3.05 to $3.25 a share, assuming flat comparable retail sales. Wall Street analysts are anticipating earnings of $3.32 a share.